The psychological scars have yet to fade from the financial crisis, which left huge swathes of speculatively built warehouses vacant for years. Bung Brexit into the mix and the uncertainty it raises over the retail market in particular and you can see why there is so much trepidation about committing to speculative schemes.

First Panattoni’s promised 3m sq ft a year over the next few years knocks these figures into a cocked hat – and the big boys may well rue the day they left the door ajar for it to kick open. After all, it is not just talking about sheds that sneak above the 100,000 sq ft mark.

When it says big, it means big: its sweet spot is in the 350,000 sq ft to 750,000 sq ft range, precious little of which has come to market recently. Hence chief executive Robert Dobrzycki’s confidence that it has spotted a gap in the market it can grab.

The developer’s track record suggests his confidence is not misplaced.

It took just two-and-a-half years to become the leading developer in Germany and between 2014 and 2016 was the biggest developer by volume in Europe, delivering 29m sq ft of new-build stock.

It won’t be hanging around in the UK either. Dobrzycki wants the firm to be “at least a substantial player” in the UK in as little as two years.

The market has been holding out for a spec hero and will be watching with interest to see whether the new kid on the block’s gamble pays off.

If, as Dobrzycki expects, it does, I can’t see the UK big boys sitting on their hands for much longer…

At RESI 2017, the new housing and planning minister Alok Sharma gave his first major public speech since he replaced Gavin Barwell in June and took the opportunity to address the key priorities set out for him by industry leaders in Property Week last month.